Wednesday, 28 August 2013 00:15
All time record for Dickwella and St. James teas
In yet another period of profit making, Malwatte Valley reports singular 1Q and 2Q profits for the year 2013. Despite an era of gloom in the industry, Malwatte Valley boasts of having achieved the highest profit levels in the industry, Managing Director W.L. Bogtstra said.
During the quarter April-June 2013 with an inflexible wage hike imposed on the industry in addition to escalation in costs of power and fertiliser, climate change took a heavy toll of the industry.
Malwatte Valley Plantations PLC with management of its cost factors and having achieved the highest prices for its quality teas made a Rs. 109 million profit, the highest of all RPCs in the country. The gross profit of the tea sector of around Rs. 100 million must surely surpass any other tea RPC. It also surpasses its own profit for the same period last year when the crippling wage hike in April 2013 was not effective.
The results to end 2Q 2013 with a profit of Rs. 160 million is also amongst the top earnings of RPCs in the country. Based on the very attractive prices now prevailing for Malwatte Teas, including All Time Records, results for the third quarter should also be encouraging subject to cost factors remaining unchanged.